Cigna Investments Inc. New Decreases Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Cigna Investments Inc. New reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,857 shares of the semiconductor company’s stock after selling 156 shares during the period. Cigna Investments Inc. New’s holdings in Marvell Technology were worth $639,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Salomon & Ludwin LLC purchased a new position in Marvell Technology during the 1st quarter valued at $31,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Quarry LP purchased a new position in shares of Marvell Technology during the second quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC bought a new position in Marvell Technology in the first quarter worth about $35,000. Finally, Whittier Trust Co. lifted its holdings in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the period. 83.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of research analyst reports. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. The Goldman Sachs Group upped their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Morgan Stanley raised their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Barclays lifted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 261,000 shares of company stock worth $20,330,835 in the last ninety days. Insiders own 0.33% of the company’s stock.

Marvell Technology Trading Up 5.8 %

Marvell Technology stock opened at $84.77 on Friday. Marvell Technology, Inc. has a one year low of $48.44 and a one year high of $87.28. The business’s fifty day moving average is $74.68 and its 200 day moving average is $70.88. The stock has a market capitalization of $75.12 billion, a PE ratio of -76.37, a price-to-earnings-growth ratio of 3.60 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm posted $0.18 EPS. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.28%. Marvell Technology’s payout ratio is -21.62%.

About Marvell Technology

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.